CCI clears JSW Paints’ Rs 12,915-crore acquisition of majority stake in Akzo Nobel India

New Delhi: The Competition Commission of India (CCI) on Tuesday approved Sajjan Jindal-led JSW Paints’ plan to acquire a majority stake in Akzo Nobel India in a deal valued at Rs 12,915 crore.

The approval comes after JSW Paints announced in June that it would acquire 74.76% of Akzo Nobel India for Rs 8,986 crore, followed by an open offer to purchase an additional 25% from the public for up to Rs 3,929.06 crore. If completed, the transaction would make JSW Paints the country’s fourth-largest player in the paint industry.

“Commission approves the acquisition of up to 75% shareholding in Akzo Nobel India Ltd by JSW Paints Ltd,” the regulator said in a post on X.

JSW Paints is part of the $23 billion JSW Group, which has interests across steel, cement, energy, infrastructure, automobiles and paints. Akzo Nobel India is engaged in decorative and industrial paints and is a subsidiary of Netherlands-based Akzo Nobel.

In June, Akzo Nobel NV said it had agreed to sell its shareholding in Akzo Nobel India to the JSW Group. However, it clarified that the India Powder Coatings business and International Research Centre, both part of Akzo Nobel India, would remain under its full ownership.

JSW Paints, along with group entities JTPM Metal Traders and JSW EduInfra, has already announced an open offer to acquire the remaining 25.24% public shareholding in Akzo Nobel India for up to Rs 3,929.06 crore. The acquisition is expected to significantly expand JSW Group’s presence in paints, a segment it entered in 2019.

For the financial year 2024-25, Akzo Nobel India reported revenue from operations of Rs 4,091.21 crore.